ADGM, the international financial centre (IFC) of the UAE capital, witnessed remarkable growth in 2024, with Assets Under Management (AUMs) surging 245 percent. Abu Dhabi’s reputation as the ‘Capital of Capital’ was further solidified through a series of significant financial milestones, regulatory advancements, and the successful completion of the transition period following its expansion to Al Reem Island.
His Excellency Ahmed Jasim Al Zaabi, chairman of ADGM, stated, “Abu Dhabi stands at the forefront of global finance, exemplifying stability, ambition, and economic growth. As the ‘Falcon Economy’ reinforces its position as a premier destination for investment and innovation, ADGM plays a crucial role in supporting this growth as the world’s safest and most dynamic jurisdiction for asset and wealth management. The unprecedented expansion and growth we have achieved is a reflection of Abu Dhabi as the ‘Capital of Capital’—a dynamic hub where capital, ideas, and innovation converge to shape the financial landscape of tomorrow. As we look ahead, ADGM remains committed to fostering a world-class financial ecosystem that is resilient, progressive, and ready for global impact.”
Growth in the asset management sector
ADGM recorded an extraordinary 245 percent increase in Assets Under Management (AUM) in 2024, compared to a 35 percent surge in 2023. It is now home to 134 asset and fund managers overseeing 166 funds. The substantial growth of ADGM’s asset management sector is illustrated by the influx of new licenses, with top global firms selecting ADGM as their regional hub. By the end of 2024, ADGM accommodated 275 financial institutions within its jurisdiction, with 79 licensed during the year.
In 2024, several leading financial institutions, including global giants such as BlackRock, Polen Capital, PGIM, Nuveen, General Atlantic, Lone Star Funds, Investindustrial, Marshall Wace, AXA IM, Eiffel Investment ME, GQG Partners, SS&C Financial Services, and Morgan Stanley established a presence in Abu Dhabi.
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Growing business community and thriving workforce
Following its expansion to Al Reem Island in 2023, ADGM successfully completed the integration of the island at the end of 2024. This resulted in an additional 1,100 Al Reem businesses, both migrating and new, operating under ADGM’s jurisdiction. To ensure a smooth transition, ADGM introduced incentives, exempting businesses within the non-financial and retail sectors on Al Reem Island from any fees to obtain an ADGM commercial license until December 31, 2024. Other significant initiatives included major revisions to its licensing fee schedule and a Memorandum of Understanding (MoU) with the Department of Municipalities and Transport (DMT) to facilitate the transfer of real estate services within ADGM’s expanded jurisdiction.
In 2024, ADGM further solidified its position as the fastest-growing international financial centre in the region, with a total of 2,381 operational entities, reflecting a 32 percent year-on-year growth. This expanding business community within the IFC led to a remarkable increase in workforce numbers. In 2024, there was a steady influx of professional workers, marking a 39 percent increase in ADGM’s overall workforce.
On the Small and Medium-sized Enterprise front, Numou, a subsidiary of ADGM launched in 2023 as a platform for businesses to access a diverse range of financial products, expanded its lending partner network and strengthened its role as a pioneering digital lending marketplace in 2024. The platform now features strategic collaborations with leading institutions, including the Khalifa Fund for Enterprise Development and private credit providers such as Credible-X, Klubworks, and NymCard Payment Technologies.
Regulatory excellence through future-ready frameworks
In 2024, ADGM’s Financial Services Regulatory Authority (FSRA) introduced regulatory frameworks that promoted its reputation as a globally trusted financial jurisdiction, ensuring that innovation and stability remain core ADGM priorities. Key developments included regulations for fiat-referenced tokens (stablecoins), guidance on ESG Greenwashing, and IT Risk Management, along with updates to Prudential Rules in alignment with Basel Committee recommendations. ADGM also implemented a robust whistleblowing framework and launched a dedicated Whistleblower Reporting Portal to promote financial integrity and regulatory compliance.
Regarding real estate, ADGM’s Registration Authority (RA) played a crucial role in the integration of Al Reem Island, enhancing Real Property Regulations, introducing new off-plan development regulations, and a digital platform – AccessRP. Such innovations ensured seamless registration, verification, and transaction capabilities, positioning ADGM as a leader in real estate frameworks.
Championing a greener future: ADGM’s sustainable finance leadership
ADGM reaffirmed its leadership in sustainable finance in 2024 by publishing a discussion paper aimed at enhancing the region’s first comprehensive Sustainable Finance Regulatory Framework. The paper sought input on proposed guidelines detailing the FSRA’s expectations for ESG-labelled investment vehicles and the necessary steps for developing regulatory expectations regarding climate-related risk management and transition planning.
Prominent asset managers with sustainable investing mandates established in ADGM in 2024 include TPG, Patrizia, Alterra, Fiera Capital, Nuveen, Kimmeridge, Marshall Wace, PGIM, Polen Capital, Joy Capital, BlackRock, General Atlantic, Ninety One, Golub Capital, APAX, and AXA IM.
Another notable development in this sector was the FSRA of ADGM granting a new Green Fund Designation to Vortex Energy IV, a USD 1.8 billion AUM firm, funded and supported by Abu Dhabi SWFs and institutional investors. The fund serves as a leading energy transition investment manager based within ADGM, channeling capital towards green investments globally.
The IFC also saw an influx of 44 new signatories to the Abu Dhabi Sustainable Finance Declaration, raising the total to 160 committed members, further reinforcing its dedication to responsible financial practices.
Family offices and billionaires increasingly choosing Abu Dhabi
In 2024, there was a notable increase in the number of global and regional family offices and billionaires selecting Abu Dhabi, specifically ADGM, to expand their business operations in the region. Leon Black, the founder of Apollo Global Management and a prominent figure in private equity with a net worth surpassing USD 14 billion, established a new branch of his family office, Elysium Management, at ADGM.
Recently, several billionaire-led family offices, including those of British businessman Asif Aziz, notable philanthropist and financial strategist Wafic Said, and Singaporean entrepreneur and real estate leader Kishin RK, announced plans to set up in ADGM, highlighting the centre’s growing appeal as a global wealth management hub.
Expanding global influence through strategic alliances and roadshows
ADGM extended its global presence by hosting several roadshows in key financial markets. ADGM participated in successful roadshows in major cities including New York, Washington, Paris, Switzerland, Hong Kong, Shanghai, Singapore, and London.
During these events, ADGM showcased Abu Dhabi’s dynamic financial ecosystem to institutional investors, asset managers, and global financial leaders, resulting in over 300 bilateral discussions across key international markets including the US, London, Europe, Hong Kong, Singapore, Korea, and South Africa.
ADGMA driving Abu Dhabi’s knowledge-based economy forward
ADGM’s knowledge arm, ADGM Academy (ADGMA), saw substantial growth in 2024. During the year, ADGMA doubled its physical space and enhanced its offerings across key areas such as occupational assessments, qualification examinations, language testing, consultancy, and executive coaching.
National talent development remained a key focus for ADGMA in 2024, with over 2,000 UAE Nationals trained and placed in critical financial and fintech roles. The ADGMA Research Centre contributed to the academic landscape, publishing 11 reports on emerging topics such as AI, fintech, cybersecurity, and digital transformation. Additionally, ADGMA extended its global reach, offering over 40 globally recognized certifications and securing eight accreditations from prestigious awarding bodies.
ADGMA also strengthened strategic collaborations by signing 25 MoUs with top global institutions, including MIT, WMI, and Ray Dalio, as well as UAE federal entities such as GPSAA and the Federal Tax Authority.
Abu Dhabi Finance Week 2024
Abu Dhabi Finance Week (ADFW) 2024 attracted over 20,000 participants from more than 172 countries, including global financial firms managing a collective USD 42.5 trillion in assets. Hosted by ADGM, the event featured over 50 sub-events and hosted more than 600 influential speakers from the world’s leading financial institutions, providing invaluable insights on global economic transitions. The agenda for ADFW 2024 included over 350 thematic sessions across industry-shaping events and strategic forums.
ADGM’s ‘Path to Forward’
As we look forward to 2025, ADGM’s strategic vision is shaped by its new brand, ‘Path to Forward’, which embodies its commitment to shaping the future of finance through growth, innovation, and global connectivity. As a dynamic financial hub built for progress, ADGM will continue to attract leading financial institutions, asset managers, and exchanges, further strengthening Abu Dhabi’s position as a premier global financial centre. The ongoing development of infrastructure within ADGM’s expanded jurisdiction will enhance its business-friendly environment, reinforcing Abu Dhabi’s status as the Capital of Capital and paving the way for another year of transformative achievements.
